Who says there won't be any major death penalties? Developers should consider using heavy ones, really. Since all the rollercoasters right now work on the "next to no death penalty". Which is extremely boring concept and people get bored to the game way faster, when dying holds absolutely zero meaning. Also, if a criminal system is introduced, death penalties for criminals would be -severe-. Also, assassinating the emperor, well, that'd be fun.
As someone who plays hardcoe mode on everything that has it, and is an advocate of properly-implemented perma-death, I completely agree. But they've told us about the resurrection system, and frankly nothing else about the game's mechanics suggest a wild departure from the norm here. It'll be the basic time and perhaps durability/gold sink punishment, I'd put money on it. Again, I really,
really hope I'm wrong here - I just don't think I will be.
To me, games like Wizardry Online and Day Z are far more fascinating 'social' games because they dare to implement mechanics driven by player interaction that go right to the core of the game, like the ability to genuinely murder someone and take their items, or put them in other compromising situations. But this doesn't sit with the expected model of what the majority MMO market will pay for - or at least that's the common opinion. Frankly I'd love to actually worry about having the DB on me, to be looking over my shoulders, but.... I just don't see it happening in any meaningful way.